6th Apr 2016 06:36
LONDON (Alliance News) - Topps Tiles PLC on Wednesday said revenue in the first half of its financial year was up from a year earlier, as it made progress in its strategy of "out-specialising the specialists".
The tile retailer reported revenue of GBP108.0 million for the six months to April 2, up slightly from GBP104.0 million for the same period a year earlier, but said growth was slower in like-for-like sales due to the impact of Easter falling earlier in 2016.
Topps Tiles said this reduced like-for-like sales growth in the second quarter by 0.6% and by 0.3% over the half year. As such, like for-like revenue was up 4.9% in the second quarter from a year before, compared to 5.2% like-for-like annual growth for the same period a year earlier. The first quarter's annual growth was 4.4%, also down from 5.2% a year before.
Like-for-like annual revenue growth for the full six months was 4.7%, down from 5.2% a year earlier.
Topps Tiles said it continued to make progress with its strategy of "out-specialising the specialists" over the second quarter and has completed the roll-out of wall displays which will make its products easier to move within stores and "easier to shop".
Topps Tiles said it has also launched 17 new tile ranges, and said sales from lines launched in the last twelve months account for 8.7% of total sales.
The company added it has opened four stores and closed two during the second quarter. It said it is currently trading from 342 stores including 13 boutique stores, up from 340 stores including 4 boutique stores at April 2, 2015.
"I am pleased to report that the group has continued its encouraging trading performance," said Chief Executive Matthew Williams.
"We enter the second half of our financial year in good shape, confident that our plans to extend the appeal of the Topps brand will underpin our further progress," Williams added.
By Hannah Boland; [email protected]; @Hannaheboland
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